- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
It says HUD has it as uninsured. Doesn't that just mean there is no FHA mortgage on it currently? It didn't say it was uninsurable.
Lot's a reasons HUD won't insure... having been moved from a different site is one.
HUD won't do a Title II on a MH in a rental park. But they might do a Title I on a MH in a rental park. Has to meet the requirements for a HUD home. And the loan only goes so high.
It's not a rental park- in fact there are no HOA fees . Anyway my spidey sense was u-... I have no idea what is going on there but the fact that no sales were financed means something- not sure what but often when I see that it is because for one reason or another the properties or project if a condo do not qualify for (most ) loans...some weird private loan maybe but this was for FHA. Other possibility is it is high land value there relative to these low quality small MH homes...maybe an investor is buying them up for cash ...a possiblity but this one sale is not cash so...will be someone else's problem